George Soros Creates Second Largest Philanthropy Group In United States

One of the world’s richest men has given a gigantic $18 billion gift to the Open Society Foundations, an international grant-making network of organizations founded by the billionaire himself.In giving the money, George Soros has made one of the largest ever single-donation transfers of money to a human rights organization. Soros is ranked among the 30 richest men in the world with a personal net worth estimated at more than $8 billion, although his total holdings and assets are valued well beyond $8 billion.The $18 billion transfer of funds to Open Society makes this group the second largest philanthropic organization in the United States. Only the Bill and Melinda Gates Foundation founded by Microsoft magnate Bill Gates is larger.

The primary function of the Open Society Foundations is the promotion of human rights and fostering democratic forms of government. It works for these causes in some 120 countries around the world, including millions spent in the United States. Open Society was established 30 years ago by Soros. George Soros is 87 years old. For decades, he has been a lightning rod for controversy. He is heavily targeted by Conservatives, right-wing groups and conspiracy theorists who have attempted to paint him as a dangerous radical using his wealth to shape the world in accordance with his own left-wing ideology.

Soros, however, is largely viewed as a man who is deeply concerned about the welfare of ordinary people, especially those who are oppressed by poverty, racial prejudice and dictatorial governments. In the United States, he has given millions to groups who are fighting racial discrimination and other negative forces that make lives miserable for innocent people.Part of the motivation for what Soros does is embedded in his life story. Soros was born in Hungary in 1930 to a Jewish family. He was barely a teenager when Nazi Germany invaded Hungary and created precarious conditions for Jews. Soros and his family were able to escape the oppression of the Nazis by fleeing to the United Kingdom. There Soros received a high-quality education in banking and economics.

After working in the banking sector for a few years, Soros established a private investment management firm, Soros Fund Management, in 1970. The organization went through growing pains and eventually became the Quantum Fund which grew to a value of $400 million by 1980. In 2013 the Quantum Fund earned $5.5 billion which made it among the most successful hedge funds in world history.Soros became a naturalized American citizen in 1961. He has a long record of supporting political candidates and causes in the United States. Because he mostly supports Democratic candidates and issues, he has become a heavy target for Republican and Conservative forces which paint Soros in a negative light.The record of his philanthropic giving, however, shows a man less concerned about politics than the basic welfare of his fellow human beings, especially disadvantaged people in the U.S. and around the world.